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What is a 457(b) deferred compensation plan?

Also known as a deferred compensation plan, a 457 (b) plan is offered to state and local government employees such as police officers, firefighters, or other civil servants. Some highly paid executives at certain nonprofits like hospitals, charities, and unions are also able to use 457 (b) plans.

Is a 457 plan pre tax?

The 457 plan is a type of non-qualified, tax advantaged deferred-compensation retirement plan that is available for governmental and certain non-governmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre-tax or after-tax (Roth) basis.

Is a 457 plan tax deductible?

All contributions to 457 plans are deductible, but unlike qualified plans, 457 plans are not allowed to contain a Roth feature. These plans also do not have matching contributions of any kind, although qualifying participants are eligible for the Retirement Saver's Credit.

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